Cyprus Business Now: weekly wrap-up
Here are the top business stories in Cyprus from the week starting October 6:
Speaking at a dinner at the presidential palace marking the start of the Maritime Cyprus 2025 conference, he stated that the registry recorded an increase approaching twenty per cent over the past two years.
The president welcomed participants, expressing “great pleasure” at hosting the dinner and highlighting the importance of the biennial event, which was first organised in Cyprus in 1989.
He said that the conference has now been “firmly established as a significant institution both in Cyprus and in international maritime affairs and has been substantially upgraded in recent years, both in quality and scale”.
He also spoke about the progress achieved by the Cypriot maritime sector, which has recorded robust growth over the past two years.
During his address at the opening of the Maritime Cyprus 2025 Conference in Limassol, the president said that the event’s title, “Unlocking the Future of Shipping”, reflects both today’s intricate challenges and the enduring resilience of the maritime industry.
He added that his presence at the conference demonstrates the importance his government places on the maritime sector.
Referring to Cypriot shipping, Christodoulides said that “the numbers speak for themselves“, emphasising that Cyprus holds one of the largest fleets in the world and operates across all shipping-related domains.
Neophytou’s comments were delivered during a reception hosted by the chamber on Sunday, ahead of the Maritime Cyprus 2025 international conference.
An announcement from the chamber said the event brought together more than 800 guests, “underscoring the chamber’s prestige and the respect it commands both locally and internationally”.
Among those attending were ministers, members of parliament, diplomats, senior government officials, representatives of professional organisations, and top executives from the Cypriot and global shipping industry.
In his address, Neophytou welcomed attendees and highlighted the vital role of Cyprus’ shipping industry for the economy and global trade.
The first panel discussion, “Winds of Change: Ministers at the Helm of Maritime Transformation,” of the Maritime Cyprus 2025 Conference, took place earlier today.
Ministers of Cyprus, Greece, the State of Qatar and the Kingdom of Bahrain responsible for maritime affairs shared valuable insights regarding the challenges that global shipping is facing.
They all agreed that by aligning policies regionally and deepening collaboration through multilateral platforms like the International Maritime Organisation (IMO), states can build a more resilient, fair, and sustainable maritime future.
The panel was moderated by Souzana Psara, business and finance reporter at the Cyprus Mail.
Participants included Shipping Deputy Minister of Cyprus Marina Hadjimanolis, Minister of Maritime Affairs and Insular Policy of Greece Vasilis Kikilias, Minister of Transportation and Telecommunications of Bahrain Sheikh Abdullah bin Ahmed Al Khalifa, and Minister of Transport of Qatar Sheikh Mohammed bin Abdulla bin Mohammed Al Thani.
Addressing the Maritime Cyprus 2025 conference in Limassol, he said the Cypriot Presidency “will be decisive for Europe and for transport policy,” noting that as a major maritime nation, Cyprus will help define the new EU Maritime Industrial Strategy, the EU Port Strategy and the Military Mobility Package.
He also revealed that the EU’s first-ever European Strategy for Tourism is expected “by Easter next year,” adding that Cyprus will play a key role in its development.
On the sidelines of the conference, Shipping Deputy Minister Marina Hadjimanolis met with the commissioner to discuss the ministry’s priorities ahead of the Presidency in 2026 and in light of the forthcoming European Industrial Maritime Strategy.
Addressing delegates, Shipping Deputy Minister Marina Hadjimanolis welcomed ministers, shipowners and industry figures from around the world, saying it was “a great pleasure to welcome you all to Limassol, the capital of shipping, for Maritime Cyprus Conference 2025.”
She noted that the first Maritime Cyprus Conference was held in 1989, creating “a platform for global dialogue that has endured for decades.”
Today, she said, “the heart of international shipping beats strongly in Cyprus,” describing the event as “a celebration of the spirit, resilience, and enduring excellence of shipping.”
The minister also extended a warm welcome to her counterparts from India, Qatar, Bahrain, Greece, Poland and Malta, saying their presence “sends the strongest message, that shipping is the force that shapes the world, whether it’s ideas, products or goods, nothing changes until it moves.”
According to an announcement released on Tuesday, chief scientist Demetris Skourides and RIF director general Theodoros Loukaidis held a series of high-level meetings with leading international figures in research and innovation.
During the forum, they met with Marcia McNutt, president of the US National Academy of Sciences, to discuss the need to redesign research evaluation systems.
The discussion focused on better use of knowledge and creating career opportunities for young researchers.
The findings show that Paphos recorded a high number of apartment sales, while resale houses in the district remained among the most expensive on the island.
Specifically, a total of 203 apartment transactions were recorded in Paphos during the first six months of 2025, more than twice the number of house sales.
In addition, the average resale apartment price stood at €129,774, the lowest in Cyprus, reflecting the district’s continued appeal to local and foreign buyers seeking affordable yet attractive options.
The figures reveal that 16.6 per cent of employed Cypriots aged 20 to 64 worked more than 45 hours per week in their main and second jobs combined.
This places Cyprus second only to Greece, which topped the list at 20.9 per cent, while Malta followed with 14.6 per cent.
At the other end of the scale, the lowest proportions of long-hour workers were found in Bulgaria, Latvia, and Romania, where the rates stood at 2.5 per cent, 4.1 per cent, and 5.9 per cent respectively.
Addressing the presentation of the Photos Photiades Group’s new sustainability initiative ‘Epilogi’, he said the programme tackles one of today’s biggest challenges, protecting the environment in a “structured, practical and specific way.”
“Industry”, he said, “remains a key pillar of Cyprus’s economy but also one with significant energy needs.”
“However, through energy-efficient technologies, management systems and renewable energy, companies can reduce both their consumption and environmental footprint, our minimum obligation to future generations, while also strengthening their long-term competitiveness,” he added.
Christodoulides also said that the government is promoting investments in renewable energy, smart systems and innovative technologies aimed at cutting costs and improving industrial resilience.
According to a statement by the Deputy Ministry, the meeting took place as part of the commissioner’s visit to Cyprus and focused on the sector’s importance to the Cypriot economy, as well as its performance from 2019 to the present.
The discussion acknowledged that tourism, in Cyprus as elsewhere, has been affected by both the pandemic and geopolitical tensions.
According to the announcement, the main topic of discussion was the European Tourism Strategy, an initiative of Commissioner Tzitzikostas, which is expected to be presented in 2026 following consultations with all stakeholders.
The process is set to culminate during the Cyprus Presidency of the Council of the EU.
The memorandum covers areas such as education, infrastructure, environmental protection, as well as the green transition of shipping.
The agreement was signed on Tuesday by Deputy Minister of Shipping Marina Hadjimanolis and Qatar’s Minister of Transport, Sheikh Mohammed bin Abdulla bin Mohammed Al Thani, on the sidelines of the Maritime Cyprus 2025 Conference in Limassol.
The signing followed a meeting between the two delegations, building on discussions held during Hadjimanolis’ official visit to Doha a few months earlier.
Hadjimanolis said she was pleased to welcome the Qatari minister to Cyprus, describing his presence as “a continuation of my visit to Doha, where we discussed the signing of this memorandum”.
The awards, now in their third consecutive year, aim to recognise innovation and support the growth of youth entrepreneurship in Cyprus.
The first prize of €100,000 was presented to George Chrysostomides for his Shopify website creation company, “Shrine”.
The second prize of €60,000 went to Chrystallena Poulli for her plant-based cosmetics company, “CP Herbalist”.
The third prize of €40,000 was awarded to Harout Chouldjian and Panayiotis Frantzesko for their international online shapewear clothing company, “Luxmery”.
Throughout the day, speakers and delegates examined how cooperation, technology, and long-term thinking will shape the sector’s evolution amid continued regulatory, geopolitical, and economic pressures.
The day began with the panel “P&I Market: Latest Developments and Update about the Renewal Season 2026,” moderated by Filippo Fabbri, CEO at Lockton P.L. Ferrari, and featuring Paul Jennings, Managing Director at NorthStandard, Andrew Taylor, CEO at UK P&I Club, Jonathan Andrews, CEO at Steamship Mutual, and Rolf Thore Roppestad, CEO at Gard AS.
During the discussion, speakers focused on the resilience of the protection and indemnity market and the challenges shaping the 2026 renewal season.
This will allow customers to send and receive payments from any bank within Cyprus or the Single Euro Payments Area (SEPA) in a matter of seconds.
According to the bank’s announcement, customers will now be able to make and receive instant payments from any Cypriot or SEPA-zone bank, significantly reducing transaction times compared with traditional transfers.
The processing time for a payment from the payer’s account to the recipient’s account will be reduced to just 10 seconds, regardless of the country from which the payment originates.
By contrast, the current processing time for conventional bank transfers can take one to two business days.
The bill, titled “The Establishment and Operation of Catering and Entertainment Venues Law of 2025”, was approved by the Cabinet earlier this week.
According to the Deputy Ministry, the new legislation is designed to replace the existing framework governing the operation of recreation and entertainment centres, introducing simplified procedures, modernised regulations, and revised operating hours.
Deputy Minister of Tourism Kostas Koumis said that the law aims to modernise legislative provisions, support entrepreneurship, and promote service quality in the hospitality sector.
Kadis, who addressed the Maritime Cyprus 2025 conference in Limassol, highlighted Cyprus’ important role in shaping the future of international shipping, both through the International Maritime Organisation and the EU, but also beyond these two bodies.
He added that this year’s conference theme, ‘Unlocking the Future of Shipping’, aligns closely with the pressing challenges currently facing the international maritime sector.
Saying that shipping is undergoing profound transformation, he stressed that “the European Union is ready to support this transition with both ambition and accountability”, and underlined that “the European Ocean Pact represents a flagship initiative of his portfolio”.
Building on the momentum of previous sessions, the final day focused on the future of maritime safety, the transition toward climate resilience, and the technologies and partnerships that will shape the next decade of global shipping.
The day opened with an address by European Commissioner for Fisheries and Oceans, Costas Kadis, who outlined the European Union’s commitment to supporting shipping’s green and digital transitions.
He highlighted Cyprus’ leadership as a maritime services hub and its close alignment with the EU’s vision for sustainable ocean governance under the European Ocean Pact.
According to the commissioner, a European Maritime Industrial Strategy, an EU Port Strategy and a Strategy for Coastal and Island Communities are all in the pipeline, each designed to strengthen competitiveness, modernise infrastructure and accelerate investment in renewable fuels and technology.
The schemes form part of the ministry’s broader employment strategy for 2026–2028, which focuses on tackling unemployment and helping businesses hire from groups facing barriers to work.
According to the ministry, the plans are co-financed by national resources, the European Social Fund Plus (ESF+), and the Recovery and Resilience Plan, while the Department of Labour is responsible for their design, implementation and monitoring.
Within the framework of the Thaleia 2021–2027 Operational Programme, all 14 schemes are expected to be either completed or launched by the end of next year.
The report, according to Politis, includes proposals to reduce administrative barriers, simplify tax compliance, and cut compliance costs, which for small and medium-sized enterprises (SMEs) are estimated to reach about 30 per cent of taxes paid.
At the same time, the measures are expected to help governments improve tax collection and curb avoidance and evasion.
It also integrates key proposals from organised bodies in Cyprus, reinforcing the country’s presence and positions at the European level.
Hadjipantelas said in his address to the plenary that the EU “needs a simple tax framework, modern and functional, that will encourage entrepreneurship and small and medium-sized enterprises, attract investment and support social cohesion.”
She said the government is modernising institutions, simplifying procedures and embedding accountability in daily decision-making, in an effort to make governance more efficient and ensure citizens feel that change is real.
“When people hear the phrase ‘digital transformation’, they often think of technology, algorithms and artificial intelligence,” she said, noting that, “for her, it is about people”.
She cited several examples, including “a citizen trying to renew a permit, a small business owner applying for a licence, or a parent enrolling their child in school online”.
These, she explained, are signs of a country that is “efficient, transparent, fair and results-oriented”.
The telecommunications authority received first place in the category “Champions in addressing the digital divide in rural and remote areas” at the European Digital Connectivity Awards 2025, held in Brussels on October 7, 2025.
“The award recognised Cyta’s nationwide fibre-optic network development, a strategic project that only Cyta is implementing on an island-wide scale to ensure equal access for all citizens to Gigabit speeds, from urban centres to the most remote communities,” the company said in an announcement.
“Through this project, local communities are being empowered, businesses strengthened, and access facilitated to essential services such as remote education, teleworking and telemedicine,” it added.
The awards, organised by the Cyprus Chamber of Commerce and Industry (Keve) and Greek magazine Thessalonikis Dromena, were held under the auspices of the Ministry of Energy, Commerce and Industry, with the support of Eurobank Ltd, the Youth Board of Cyprus, Coneq, and the Association of Cypriot Cartoonists.
The long-established awards aim to recognise and reward young entrepreneurs under 40 years old, highlighting their essential role in driving innovation, extroversion, and economic growth in Cyprus.
Eurobank’s General Manager of Corporate Banking, Nicolas Panayi, congratulated the winners and organisers, describing the event as a celebration of courage, creativity, and innovation.
Biofuels have emerged as the dominant choice for decarbonisation, with 62 per cent of companies adopting them as part of their transition strategy.
Meanwhile, interest in green hydrogen and ammonia is also growing, with 25 per cent and 19 per cent of respondents respectively identifying them as future alternative fuels.
The findings were presented by Michalis Ierides, secretary-general of the Cyprus Marine Environment Protection Association (CYMEPA), as part of the ongoing international five-year project Metavasea.
Demetris Shacallis, chief financial officer at Eurobank, has been appointed vice-president.
According to the association’s statutes, both the president and vice-president will serve a two-year term.
The change in leadership follows the departure of former president Aristidis Bourakis, who stepped down after taking on new professional responsibilities.
In its statement, the Association of Cyprus Banks thanked Bourakis for his contribution and wished him “every success in his future endeavours”.
The findings, published in September 2025, stem from the Relocated Tech Survey, which collected insights from over 100 participants, primarily startup founders, along with investors and senior executives.
Respondents were drawn from major relocation hubs across Europe, with Poland and Cyprus among the most represented, offering what Zubr Capital described as a rare dual founder–investor perspective on how well Europe integrates incoming entrepreneurial talent.
According to the survey, 82 per cent of relocated founders said that local ecosystems are “in a bubble”, while 51 per cent considered this situation critical.
Covering key sectors such as energy, financial services and defence, the bill aligns with Cyprus’ wider strategy to attract international capital for major projects that support long-term growth.
The association said that “the need for a formal control framework emerged after a series of large-scale acquisitions in public utilities, which revealed the risk of strategic infrastructure being transferred to investors from third countries”.
“Given the small size of the Cypriot economy, such developments could affect critical sectors such as banking and port operations,” the association added.
According to the ministry’s introductory report, the proposed law addresses long-standing gaps and weaknesses in the existing system, with a view to strengthening entrepreneurship, public safety and the overall quality of the tourism product.
It abolishes what the ministry described as “burdensome and anachronistic provisions” that hinder business development, replacing them with a more flexible and transparent structure.
Under the new framework, seven key changes are proposed. These include scrapping strict building criteria and the previous categorisation of recreation centres by class, as well as ending the requirement for operators to submit price lists for approval.
The conference focused on how to unlock the future of shipping, exploring topics such as navigating global disruptions, the P&I market, decarbonisation and climate resilience, technological impacts on seafarers, and funding strategies for the next era of shipping.
Moreover, this year’s event, supported by Eurobank as a platinum sponsor, provided a vital platform for dialogue on the challenges, risks, and opportunities shaping the new era of global shipping.
“Established in 1989, the conference once again highlighted Cyprus’ role as an international maritime, energy, and investment centre, hosting senior executives, officials, and leaders from across the global shipping industry,” Eurobank said in a statement released on Friday.
Neocleous Tower is a groundbreaking commercial development in central Limassol inviting corporations to discover the future of upscale workplace excellence. Redefining the work lifestyle paradigm, the tower is also raising the benchmark for sustainable real estate, offering an eco-conscious, tech-driven and people-centric work environment that fosters excellence, collaboration and well-being.
The event, which took place in Athens, attracted broad participation from both countries’ business communities.
“The event underscored the need for closer cooperation in sectors such as investment, technology, innovation, and women’s entrepreneurship, highlighting their potential to drive mutual economic growth,” the organisers said in a statemenet released on Friday.
Speaking at the forum, Cyprus’ Minister of Energy, Commerce and Industry, George Papanastasiou, and Greece’s Deputy Minister of Development, Stavros Kalafatis, emphasised that “businesses in both countries have the capacity, infrastructure, and willingness to enhance their cooperation and strengthen economic prospects”.
The proposal is set to be discussed at next week’s Extraordinary Session of the International Maritime Organisation’s (IMO) Marine Environment Protection Committee (MEPC), which will take place from October 14 to 17, 2025.
The statement, endorsed by the International Chamber of Shipping (ICS), the European Community Shipowners’ Associations (ECSA), the Asian Shipowners’ Association (ASA), the International Association of Ports and Harbors (IAPH), the International Bunker Industry Association (IBIA), the International Transport Workers’ Federation (ITF) and the World Shipping Council (WSC), calls for the NZF to be adopted as a single, global framework to drive the industry’s transition to zero emissions.
Shipping, which transports about 90 per cent of global trade, remains one of the hardest sectors to decarbonise due to its scale and international nature.